In late December analysts at Citigroup increased their price target on Carnival to $56. The company should see improving pricing power, Citigroup said, giving the cruise ship operator a buy rating.

That action followed Carnival's better-than-expected quarterly report in which it grew profits 28.5% year-over-year and forecast a 3% to 4% increase in constant dollar net revenue yields for the full year 2011.

Casino behemoths Las Vegas Sands and Wynn Resorts were upgraded Tuesday as international growth opportunities are expected to remain fruitful for the gaming industry.

Wynn received a boost from KeyBanc Capital Markets to hold from underweight and raised its earnings estimates. Analyst Dennis Forst said the casino operator will likely continue to see strength in Macau through 2011.

On Monday, the Chinese gambling enclave reported a 66% surge in gaming revenue in December, and analysts predicted the region could see a record month in January or February.